Speaking on April 14 at the Detroit Economic Club, Putnam CEO Robert L. Reynolds called for President Obama to create a bipartisan commission to come up with a plan to make Social Security solvent.

Reynolds cited a recent Putnam survey in which nearly 70% of respondents said they believe it is vital for politicians to act to close the Social Security gap.

The online survey of 1,496 adults was conducted in January 2010.

Although some observers have cast Social Security as the “third rail” of public policy reform, the nation’s slow economic recovery and growing national debt are shining a light on the challenges facing entitlement programs.

Given the realities of the federal budget, the survey results were not surprising. Social Security is facing a $5.3 trillion shortfall in the next 75 years, according to the Social Security Board of Trustees. This year, for the first time in its history, the program will distribute more money than it takes in.

And the recession has already accelerated the projected insolvency of Social Security, which its Trustees expect will happen in 2037.

Reynolds stressed that it is time to fix Social Security, but cautioned that reforms should not unduly penalize those nearing retirement, nor should payroll taxes be raised as this could endanger job creation. He also added that future retirement benefits for Americans with below-median income should not be negatively effected by reforms.

And while some may debate the urgency to act, if the recent Putnam survey is any indication, there is willingness among the electorate. Reynolds would like to see Congress act on Social Security reform by this fall. “This would give the American people, and the Senators and Congressmen we elect this November 2, plenty of time to debate and decide,” he said. “Do we prefer a compromise solution? Or do we want to drag on with the status quo, with a multi-trillion dollar funding gap unsolved, and all working Americans’ retirement futures at risk?”